TURKISH companies can invest in or collaborate with local partners in three core sectors in Malaysia, namely aerospace, automotive, and machinery and equipment (M&E), said Prime Minister Dr Mahathir Mohamad.

He said in the aerospace sector, Malaysia was targeting to be the leading aerospace nation in the Asean region and to tap the global market by 2030. 

“Based on this target, we have identified areas such maintenance, repair and overhaul, as well as manufacturing, system integration and engineering and design services. We look forward to collaborating with Turkey, such as in the area of aircraft engineering,” he said in his opening remarks at a roundtable meeting with Turkish captains of industry,in Istanbul, today.

In the automotive sector, Dr Mahathir said Malaysia aimed to become a hub for energy-efficient vehicles (EEV), and invited Turkish companies to join in the venture. 

“This initiative leads to environment conservation, high income jobs creation, the transfer of technology and creates an economy for local companies.”

As for the Malaysian M&E sector, he said it was among the largest in Asean and that it provided a full range of world class and quality services.

“Malaysia welcomes companies from Turkey to invest in or to work with Malaysian entities with capabilities and high technology,” he said. 

Dr Mahathir said Malaysia was undertaking a massive transformation initiative of the economy and the government would continue with engagement and ensuring the sustenance of pro-business, prudent policies to ensure the country is attractive for foreign businesses to expand and diversify their existing operations.

He also reminded potential foreign investors that investing in Malaysia was a gateway to the wider Asean region.

“When you think about Malaysia, please also think about Asean, the group of 10 countries in Southeast Asia. You are in a region of 650 million people.”

Dr Mahathir is on a four-day visit to Turkey.

During the dialogue session, Dr Mahathir who was impressed with the advances in defence products produced by Turkey, said Malaysia wants to work with the country to develop these, and at the same time, help market its products within Asean.

He said Malaysia also had the advantage of being the centre of business activity in Southeast Asia. 

Dr Mahathir said the Malaysian government wished to reduce dependency on palm oil by diversifying into growing other crops.

Turkish Industry and Technology Minister Mustafa Varank and Malaysia’s Foreign Minister Saifuddin Abdullah, Defence Minister Mohamad Sabu and International Trade and Industry Minister Darell Leiking were also present. – Bernama, July 26, 2019.